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Banking Is An Experience And Not A Commodity - V. Vaidyanathan, MD & CEO, IDFC First Bank
Banking needs to be thought of and sold as an experience rather than a commodity. The future of banking depends on secured and creative financial products & services to attract customers.
Photo Credit : Subhabrata Das
The BW Businessworld MAGNA Awards 2019 witnessed a hall room filled with top bankers indulging in exciting conversations on the future of the industry. V. Vaidyanathan, MD & CEO, IDFC First Bank gave a key note address discussing the role of data and technology in driving the economy.
He said, "When we start our day, we touch our mobile phones to enable news, communication and shopping. Out of which we spend the least amount of time visiting our banking apps. We see so much of data which is creating an ecosystem that comes with technology. With trends evolving data and technology we as bankers need to take a step back and see how we can serve the customer. The kind of propositions brought by technologies can be very powerful.
While shedding light on digital transformation he brought to attention some key insights on attracting customers to banking applications and their digital platforms.
He added, "Tech is transforming and reshaping transactions for the digital ecosystem. Compared to all the other sectors like telecom and e commerce, we need to think of banking as an experience and not a commodity. People will indulge more into banking if it is an experience. This industry is only expected to grow during digitization and it depends on us to serve customers during this wave".
The number of branches according to Vaidyanathan are reducing while the industry is realizing the change. Other industries are using credit services to attract customers. But for banking that is not the most immediate option. The industry needs to focus on providing security and an overwhelming experience to ride the tide of digital in the future.